Marathon Discovers New Gold Mineralized Trends over 2 Km at the Sprite and Rainbow Zones

Figure 1: Location map showing of the Rainbow and Sprite Zones along strike NE of the Leprechaun Gold Deposit and the series of new trenches exposing extensive QTP and gold mineralization trends. (CNW Group/Marathon Gold Corporation)

Figure 1: Location map showing of the Rainbow and Sprite Zones along strike NE of the Leprechaun Gold Deposit and the series of new trenches exposing extensive QTP and gold mineralization trends. (CNW Group/Marathon Gold Corporation)

TORONTO, July 23, 2014 /CNW/ - Marathon Gold Corporation ("Marathon" or the "Company") (TSX: MOZ) today announced the positive results of new trenching and bedrock
sampling in the Rainbow (formerly Leprechaun North) and Sprite Zones,
Valentine Lake property (Figure 1). The Rainbow Zone of multiple
stacked quartz-tourmaline-pyrite ("QTP") veining now extends over 800
meters from trench 10500 to the shoreline of Sprite Pond with
mineralization exposed in new trenching for over 700 meters, of which
600 meters has never been drilled (Figure 1). The Sprite Zone multiple
stacked QTP veined mineralized zone as exposed in new trenching now
extends intermittently over 1300 meters of which 800 meters has not yet
been drill tested. Channel samples are currently pending for additional
new trenches in both the Rainbow and Sprite Zones.

Highlights include:

The QTP-Au mineralized zones in the Rainbow and Sprite Zones give a
combined length in excess of 2000 meters, of which 1400 meters has
never been drilled. New trenching in both areas has exposed extensive
series of multiple stacked QTP veining. Bedrock samples from both the
Rainbow and Sprite Zones returned numerous high-grade gold results
along the length of the mineralized zones. Initial channel intervals as
well as limited winter 2014 drilling in the Sprite Zone areas A and B
returned wide near surface intervals with good grade continuous gold
mineralization. Channel sample intervals are pending for new trenches
extending over a combined 1300 meters of mineralized zone strike length
in the Rainbow and Sprite Zones.

The Rainbow and Sprite Zones, located up to 600 meters north of the main
Valentine Lake Thrust Fault, are interpreted as gold mineralized zones
focused over magnetic low zones interpreted as splay faults off the
main Valentine Lake Thrust Fault (Figure 1).

Systematic prospecting and trenching continues to discover new gold-rich
QTP zones, and this exploration work will continue throughout the
summer focused along the entire Sprite Zone as well as north-east into
the Marathon area where good gold values were found in extensive
QTP-rich surface veining last year. The program will include examining
historic trenches. The goal of this work is to define more future
drilling targets for ongoing development of near-surface open pit
resources in the Valentine Lake property.

"Our summer exploration has been very successful as we increase our
understanding of the gold mineralizing system at Valentine Lake and the
role that splays faults, interpreted as magnetic lows, played in
focusing gold mineralization along these secondary fault structures for
up to 1 kilometer into the hanging wall away from the main Valentine
Lake thrust fault. This is the same gold deposit model as found in
other world-class structurally controlled orogenic gold camps such as
Timmins. Over the past two months, detailed prospecting along magnetic
low areas followed by trenching has discovered over 2000 meters strike
length of new drill targets in the Sprite - Rainbow area alone. The new
mineralization on surface gold mineralization provides a great
opportunity to develop additional open pit resources. Prospecting
focused on magnetic lows is now underway at the Marathon area where
several new gold occurrences have been found in the last two weeks.
Follow up stripping and trenching will follow. Marathon's Valentine
Lake Property encompasses more than 17 km strike length of the
Valentine Lake Thrust Fault. The associated multiple imbricated fault
splays extend for more than 1 kilometer away from the main thrust fault
and provide for 10's of kilometers of future exploration targeting. The
Marathon crew is excited, as am I, as we continue our success in
finding additional major new areas of gold mineralization. We have a
long journey of discover ahead" said Phillip Walford, President and
CEO.

Figure 1: Location map showing of the Rainbow and Sprite Zones along strike NE of
the Leprechaun Gold Deposit and the series of new trenches exposing
extensive QTP and gold mineralization trends. Both the Rainbow and
Sprite Zones overly magnetic lows interpreted as splay faults off the
regional Valentine Lake Thrust Fault.

All of the samples were fire assayed at Eastern Analytical Laboratory
Ltd., in Springdale, Newfoundland.

Sherry Dunsworth, M.Sc., P. Geo., VP of Exploration, Marathon's
Qualified Person, has reviewed the contents for accuracy and has
approved this press release on behalf of Marathon.

About Marathon Gold Corporation

Marathon is a Toronto based gold resource development company focused on
the Valentine Lake property in central Newfoundland. Marathon's mission
is to rapidly move the Valentine Lake project towards advanced
exploration and pre-development stages. For more information visit: www.marathon-gold.com.

About the Valentine Lake Project

The Valentine Lake property, owned 100% by Marathon Gold Corporation,
hosts two well defined gold deposits with NI 43-101 compliant
resources: the Leprechaun Gold Deposit and the Victory Gold Deposit.
The Leprechaun Gold Deposit is located near the south-western end of
the Valentine Lake property, and the Victory Gold Deposit is located 13
kilometers along strike to the north-east. These gold deposits form
part of a 23 km long, highly prospective gold-bearing mineralized
corridor focused along the Valentine Lake Thrust Fault.

The Leprechaun Gold Deposit has a NI 43-101 compliant Open Pit and
Underground Resource (refer to August 1, 2013 news release). The Open
Pit Resource is Measured 3.5 million tonnes containing 247,000 oz Au,
and Indicated 6.2 million tonnes containing 412,000 oz Au, and Inferred
1.2 million tonnes at 1.82 g/t Au containing 71,000 oz Au. The
Underground Resource is Measured 108,000 tonnes containing 17,000 oz
Au, and Indicated 764,000 tonnes containing 100,000 oz Au, and Inferred
349,000 tonnes containing 69,000 oz Au. As a result of favorable
drilling results in 2013 and 2014, the Sprite Area, which is adjacent
to the Leprechaun Gold Deposit, will be a focus of continued
exploration this year. The Sprite Area adjoins the Leprechaun Gold
Deposit and recent promising drilling is located 1.5 km to the north
east of the Leprechaun Gold Deposit.

The Victory Gold Deposit (formerly Valentine East Hill) has an Open Pit
Resource (refer to August 1, 2013 news release). The Open Pit Resource
is Indicated 761,000 tonnes containing 41,000 oz Au, and Inferred
199,000 tonnes containing 9,000 oz Au. Both deposits are open to
expansion.

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Except for statements of historical fact relating to Marathon Gold
Corporation, certain information contained herein constitutes
"forward-looking statements". Forward-looking statements include
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accurate, that assumptions may not be correct and that objectives,
strategic goals and priorities will not be achieved. These risks and
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accessed at www.sedar.com. Other than as specifically required by law, we undertake no
obligation to update any forward-looking statement to reflect events or
circumstances after the date on which such statement is made, or to
reflect the occurrence of unanticipated events, whether as a result of
new information, future events, results or otherwise.